Китай возобновляет биткоин-майнинг: 14% от мирового хешрейта снова под контролем Headline: China Revives Bitcoin Mining: 14% of Global Hashrate Back Under Control

An expert referred to the revival of cryptocurrency mining in China as «one of the most significant signals» for the market.

Cryptocurrency mining in China is experiencing a «quiet renaissance.» The country’s share of the global hash rate has climbed to 14%, according to Reuters.

As reported by TheMinerMagazine at the start of October, this amounted to approximately 145 EH/s. In just one quarter, this metric has increased by 13.8%. Analysts emphasized that mining never truly left China—it simply «went underground.»

The former leader in cryptocurrency mining banned all operations related to digital gold and its extraction in 2021, citing concerns over financial stability and energy security. After its market share fell to zero, Beijing gradually reclaimed the third position.

A private miner from Xinjiang revealed to reporters that he resumed cryptocurrency mining at the end of 2024.

«There’s a lot of energy that can’t be transmitted out of Xinjiang, so it’s consumed through cryptocurrency mining. New facilities are being built—people mine where electricity is cheap,» he noted.

The Xinjiang-Uygur Autonomous Region is the largest administrative unit in China, covering over 1.6 million square kilometers—about one-sixth of the country. However, the region is sparsely populated and has inexpensive electricity, which has historically facilitated industrial activities outside centralized networks.

Before the official ban, Xinjiang was regarded as the unofficial capital of Bitcoin mining, as highlighted by TheMinerMagazine.

In June, users on X reported police raids on cryptocurrency mining farms in the region. According to unverified reports, law enforcement confiscated hundreds of thousands of pieces of equipment.

The resurgence of digital asset mining aligns with Bitcoin’s historic high in October, surpassing $126,000, and the cryptocurrency-friendly policies of the Trump administration.

«China’s political flexibility is evident when economic incentives are strong in certain regions. The revival of mining activity in China is one of the most crucial signals the market has seen in recent years,» stated Patrick Grun, CEO of the cryptocurrency infrastructure provider Perpetuals.com.

Beijing has not officially eased restrictions on Bitcoin mining, but «even hints of policy relaxation could provide a tailwind for the narrative of Bitcoin as a sovereign asset that is resistant to government interference,» the expert noted.

Another source from Sichuan, who had ceased mining digital assets due to the ban, mentioned that some of his friends have returned to the business: «It’s a sensitive area… But people with access to cheap electricity are still mining.”

Liu Honglin, founder of the law firm Man Kun, emphasized that eradicating a profitable business is challenging. «Personally, I believe the government’s stance on mining will gradually relax because it’s simply impossible to fully stop such activities,» he stated.

The financial reports of some equipment providers also attest to the mining revival in China. The company Canaan—a Singaporean manufacturer of ASIC mining devices—has seen its revenue share from the Chinese market increase. This figure rose from 2.8% in 2022 to 30.3% in 2023.

In the second quarter of 2025, the value surged to over 50%.

The firm has asserted that its operations fully comply with local regulations. The production and sale of equipment are not prohibited.

Recall that in January 2024, the WSJ reported on methods to circumvent the ban on cryptocurrency trading in China.